🇪🇸Spain inflation rate

Spain joined the euro at its launch in 1999. Harmonised inflation (HICP) — the EU-wide measure the European Central Bank targets at 2% — stands at 3.6% as of May 2026. That is 1.6 percentage points above the ECB's 2% target, and 0.4 points above the euro-area average of 3.2%.

The breakdown shows core (excluding energy and food) at 3.7%, energy at 6.3%, food at 2.4% and services at 4.3%. The strongest pressure is in energy (6.3%), while food is the softest (2.4%).

Month on month the headline rose from 3.5% to 3.6%, extending the climb.